Five children in an apparently ideal American small town find their lives changing as the years pass near the turn of the century in 1900. Parris Mitchell (Robert Cummings) and Drake McHugh (Ronald Reagan), both of whom have lost their parents, are best friends; Parris dreams of becoming a doctor, studying under the father of his sweetheart Cassandra Tower (Betty Field), while Drake plans on becoming a local businessman when he receives his full inheritance - juggling girlfriends in the meantime. As they become adults, the revelations of local secrets threaten to ruin their hopes and dreams.